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WASHINGTON — Cap and trade is all but dead. Cap and dividend didn’t
get far. And Congress is too busy with looming budget cuts, expiring tax
cuts and other problems to deal with global warming.
that backdrop that Rep. Jim McDermott on Thursday planned to introduce
the latest version of his legislation to combat climate change.
Seattle Democrat is touting his Managed Carbon Price Act as a two-fer
response to the federal deficit and extreme weather patterns that have
gripped half of the United States in a drought.
The bill aims to
reduce carbon dioxide emissions by putting a rising price on that
pollution. At the same time, it sets targets to gradually lower
total greenhouse gas emissions, to just 20 percent of what was released
into the atmosphere in 2005 by the middle of this century.
staff say the bill would avoid creating volatility in energy prices
that has dogged the cap and trade system in place in the European Union.